FSA Authorisations
Complyport focuses on the wholesale investment sector and has project managed over 400 FSA applications for Part IV Permission. The firm is proud to announce that it retains a 100% success record in this discipline.
Project Managed Authorisations
Complyport's approach is to advise on and project manage each stage of the client's application for authorisation; from initial advice, preparation of the application forms and requisite supporting material, through the FSA vetting and investigative stage and on to the admissions committee and FSA authorisation.
The Authorisation Team includes former FSA case officers and industry specialists who bring their regulatory and corporate experience to bear on your application.
A Brief Outline of the FSA Authorisation Process
The key to a successful FSA Application is to demonstrate the firm can meet the FSA's 5 threshold conditions, as outlined in the Financial Services & Markets Act 2000, namely:
- Legal status
- Location of offices
- Close links
- Adequate resources
- Suitability
Complyport's Authorisation Services Include:
Access to Complyport's authorisation team which has extensive experience of the FSA's approach to authorisations;
Construction of the application pack, including completion of the required forms, assistance with drafting a regulatory business plan inclusive of financial projections and support in constructing all supporting documentation;
Anticipation of any potentially contentious issues and advice to ensure resolutions are found prior to submission;
Developing, with the applicant's input, systems and procedures that will assist the firm in meeting its regulatory requirements, while ensuring they are appropriate and considerate to the firm's commercial and strategic objectives;
Pro-active communication with the firm's third party advisors (audit, legal prime broker) and the FSA's Case Officer. Complyport acts as the FSA's point of contact and advises upon the Applicant's appropriate course of action at each stage of the process and drafts detailed answers to any issues and points raised by the FSA's Case Officer;
Unlimited telephone and email support;
Comprehensive preparation for any FSA site visit or interview. Complyport is happy to attend FSA visits, where permitted, as a professional adviser;
Ensure the applicant firm is given the appropriate licence, allowing the right capabilities post authorisation and enough flexibility to satisfy future growth.
Timing and Cost
The FSA is required to make a decision within six months for a complete application and twelve months for an incomplete application. Complyport's aim is to assist your firm in submitting a complete application in order to gain authorisation within as short a time as possible.
The time taken for an authorisation will be dependent on the size and complexity of the business and the quality of the submission made to the FSA. We look to minimise the time taken by providing the FSA with a high quality application, answering likely questions before they are raised and addressing potentially contentious aspects fully within the initial submission.
Our costs are fixed, to remove uncertainty related to time, but specifically tailored to the nature, complexity and resource that will be required to obtain authorisation - the simpler the application, the lower our fees. Half of our fees are payable upon executing the project proposal and the remaining half becomes due upon successful authorisation, aligning Complyport's interests with those of our clients.
